But New York real estate remains a siren song nonetheless for pension funds. Database CoStar runs down the reality that funds continue to eye property nationwide for investment, including in New York (and we had a scoop earlier this week about a mammoth Canadian pension fund partnering with SL Green on two recent tower deals). To be fair, real estate is not a bad place to park money; certainly it’s less volatile than, say, the stock market or a fund run by Goldman Sachs. Still, the risks can be enormous and the rewards deceptively elusive, as they tend to be over the long term.

Regardless, an Oregon entity recently gave $100 million to a fund started by Steve Roth’s Vornado Realty Trust to play with in D.C. and here, and elsewhere.